Consolidated financial statement of the Eurosystem as at 24 April 2009

28 April 2009

Items not related to monetary policy operations

In the week ending 24 April 2009 the decrease of EUR 823 million in gold and gold receivables (asset item 1) reflected the sale of gold by two Eurosystem central banks (consistent with the Central Bank Gold Agreement that came into effect on 27 September 2004).

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 11.8 billion to EUR 265.4 billion on account of customer and portfolio transactions and US dollar liquidity-providing transactions.

Extraordinary transactions

Value date Type of transaction Maturing amount New amount
22 April 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 36 billion CHF 36.1 billion
23 April 2009 7-day US dollar liquidity-providing reverse transaction USD 73.8 billion USD 66.7 billion
23 April 2009 84-day US dollar liquidity-providing reverse transaction USD 23.9 billion USD 12.2 billion

The liquidity-providing transactions were conducted by the Eurosystem in connection with the temporary reciprocal currency arrangements (swap lines) that the European Central Bank has with the Swiss National Bank and the Federal Reserve System. The EUR/CHF foreign exchange swap had no effect on the net position of the Eurosystem in foreign currency.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 1.1 billion to EUR 294.0 billion. Banknotes in circulation (liability item 1) decreased by EUR 3.9 billion to EUR 752.7 billion. Liabilities to general government (liability item 5.1) increased by EUR 2.6 billion to EUR 143.9 billion.

Items related to monetary policy operations

The Eurosystem’s net lending to credit institutions (asset item 5 minus liability items 2.2, 2.3, 2.4, 2.5 and 4) decreased by EUR 14.4 billion to EUR 645.1 billion. On Wednesday, 22 April 2009, a main refinancing operation of EUR 249.4 billion matured and a new one of EUR 244.1 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.1 billion (approximately the same as in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 31.1 billion (compared with EUR 21.9 billion in the preceding week).

Current accounts of euro area credit institutions

As a result of all transactions, the current account position of credit institutions with the Eurosystem (liability item 2.1) decreased by EUR 7.1 billion to EUR 249.1 billion.

Other issues

It should be noted in respect of the consolidated weekly financial statement of the Eurosystem as at 17 April 2009 (published on 21 April 2009) that other assets (asset item 9) should have shown a balance of EUR 238,965 million, instead of EUR 238,689 million, and that other liabilities (liability item 10) should have read EUR 162,964 million, instead of EUR 162,688 million.

Assets (EUR millions) Balance Difference compared with last week due to transactions
Totals/sub-totals may not add up, due to rounding
1 Gold and gold receivables 240,840 −823
2 Claims on non-euro area residents denominated in foreign currency 157,916 901
2.1 Receivables from the IMF 14,350 −5
2.2 Balances with banks and security investments, external loans and other external assets 143,566 906
3 Claims on euro area residents denominated in foreign currency 125,314 −14,065
4 Claims on non-euro area residents denominated in euro 20,397 996
4.1 Balances with banks, security investments and loans 20,397 996
4.2 Claims arising from the credit facility under ERM II 0 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 676,404 −5,261
5.1 Main refinancing operations 244,126 −5,285
5.2 Longer-term refinancing operations 432,163 1
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 107 27
5.6 Credits related to margin calls 8 −4
6 Other claims on euro area credit institutions denominated in euro 31,449 −595
7 Securities of euro area residents denominated in euro 293,964 1,135
8 General government debt denominated in euro 37,397 0
9 Other assets 240,281 1,316
Total assets 1,823,963 −16,397
Liabilities (EUR millions) Balance Difference compared with last week due to transactions
Totals/sub-totals may not add up, due to rounding
1 Banknotes in circulation 752,675 −3,885
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 280,409 2,042
2.1 Current accounts (covering the minimum reserve system) 249,149 −7,111
2.2 Deposit facility 31,069 9,196
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 192 −43
3 Other liabilities to euro area credit institutions denominated in euro 440 120
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 152,284 2,522
5.1 General government 143,934 2,631
5.2 Other liabilities 8,350 −110
6 Liabilities to non-euro area residents denominated in euro 184,190 −13,202
7 Liabilities to euro area residents denominated in foreign currency 1,665 218
8 Liabilities to non-euro area residents denominated in foreign currency 10,596 −1,596
8.1 Deposits, balances and other liabilities 10,596 −1,596
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,551 0
10 Other liabilities 160,357 −2,607
11 Revaluation accounts 202,952 0
12 Capital and reserves 72,843 −8
Total liabilities 1,823,963 −16,397

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